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Connecticut decided to move away from the cryptocurrency Become the first country that completely blocked Government’s involvement in digital assets.
June 10 Approved Public Law no. 25-66what is related Strict State Restrictions and Interaction of its Local Self -Government with Crypto Currency.
According to the new law, public agencies are forbidden to create or hold any kind of cryptocurrency. They are also not allowed to accept digital currencies as paying taxes, fees or any other amount owed to the state or local authorities.
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Also sets new demands on crypto companies acts in the state. Companies that transfer money using virtual currencies must clearly warn customers of risks.
These companies have to show a message that says:
Losses due to false or accidental transactions may not be compensated and transactions in the virtual currency are irreversible.
In addition, there are New protection for younger users. Companies have to check identities of anyone under the age of 18 and give all the details of each crypto transaction when requested.
Furthermore, legislation updates Connecticut’s financial rules, which include Defining concepts such as “Digital Wallet” and “Kiosk” and ensure that the licensed crypto company follows the standards of compliance. These updates give the state more control over the way the crypto services operate at the local level.
Recently, the monetary administration of Singapore (MAS) announced new policies regarding foreign services provided by the KRIPTO currency company based in Singapore. What do regulations say? Read the whole story.
After a master’s degree in economics, politics and culture of the East Asia region, Aaron wrote scientific papers by analyzing the differences between Western and collective forms of capitalism in the Era after World War II.
Considering the decade of experience in Fintech industry, Aaron understands all the biggest questions and struggles that cryptocurrency lovers face. He is an avid analyst who deals with the content based on data and facts, as well as the one who speaks to the web3 natives and the newcomer in the industry.
Aaron is a person for everyone and for all related to digital currencies. With a huge passion for Blockchain & Web3 education, Aaron tries to transform the space the way we know it and make it more affordable to complete beginners.
Aaron quoted more established outlets and was the author himself. Even during her free time, she enjoys exploring market trends and looking for the next Supernova.
